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September 16, 2021 1:21 pm
This may be a dumb question, but I don't do a lot of gambling. Anyway, if you do win via gambling, is that income taxable? I have a feeling you do need to take out tax on that.
How much tax is taken out when you win the lottery? Or from gambling?
September 18, 2021 3:59 pm
Yes it is taxed. Your accountant or tax preparer will be able to handle it.
September 21, 2021 3:23 pm
You get taxed a about 25% of your total winnings. If you are good with taxes though, you can use all the money spent gambling be it at casinos or on scratch-offs and get that written off or deducted. This is what I have heard anyway.